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Thai Corporate Leverage Rises on Larger Investments, Weak Conditions, Fitch Says

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Thai corporates has retained heightened leverage amid sizable investments and weak operating conditions, Fitch Ratings said in a recent release.

Increasing investment needs amid a climate transition also put additional pressure on the country's companies, according to Obboon Thirachit, Fitch Ratings (Thailand)'s senior director for corporate ratings.

Petrochemicals, property, and power utilities face greater pressure while telecoms show resilience, Fitch said.

EBITDA net leverage for the country's 10 largest bond issuers was 3.7% in 2025, above the 2x for Fitch-rated Thai and Asia-Pacific corporates.

Elevated leverage and greater dependence on domestic bonds could weigh on financial flexibility and raise refinancing risk under worsening market conditions, Fitch said.

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